Hydrogen fuel cell stock Plug Power (NASDAQ: PLUG) jumped nearly 5% in early afternoon trading on the Nasdaq Stock Market Thursday, and is still holding onto more than half those gains as the trading day winds down -- up 2.8% as of 2:10 p.m. EDT.
You can thank the U.S. government for that.
Image source: Getty Images.
This morning, Plug Power announced that the U.S. Department of Energy has “invited“ it to submit a Part II Application for a loan guarantee under DOE's Title XVII Loan Guarantee Program.
Title XVII refers to the part of the U.S. Energy Policy Act of 2005 that subsidizes development of “new or significantly improved technology“ to “avoid, reduce or sequester greenhouse gases“ -- a description that fits Plug Power's fuel cells, which produce byproducts no more harmful than pure H2O, to a T.